Transforms Caribbean Bank with Temenos SaaS, Enhancing Efficiency & Digital Growth

Overview

The client, a leading financial institution in Trinidad and Tobago and one of the Caribbean’s top banks sought to implement their digital banking strategy. Tech Mahindra implemented and rolled out Temenos Corporate, Lending, and Retail modules on a SaaS model to support the bank’s online banking digital strategy and enhance efficiency, security, and customer experience.More

The client, a leading financial institution in Trinidad and Tobago and one of the Caribbean’s top banks sought to implement their digital banking strategy. Tech Mahindra implemented and rolled out Temenos Corporate, Lending, and Retail modules on a SaaS model to support the bank’s online banking digital strategy and enhance efficiency, security, and customer experience. This strategic transformation enabled the bank to drive digital innovation, streamline operations, and build a scalable, futureready banking ecosystem.

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Client Background & Challenges

The client, one of the Caribbean’s leading financial institutions, operates across Trinidad and Tobago and offers a comprehensive suite of banking and financial services. With a strong market presence, the bank aimed to modernize its core banking infrastructure to enhance efficiency and customer experience. The client faced significant challenges in:

  • Managing complex product offerings across multiple legacy system instances.
  • Integrating a customized and sophisticated core banking system with peripheral systems.
  • Incorporating a specialized Accounts Payable and Operating Lease system.

Our Approach and Solution

As a strategic technology partner, Tech Mahindra led the bank’s core banking transformation, implementing a modern, scalable solution tailored to its needs. The project focused on delivering an integrated banking ecosystem using Temenos Transact, enhancing efficiency and customer experience. To achieve this, Tech Mahindra adopted the following approach:

Core Banking Implementation

Deployed Temenos Transact for front office, retail lending, wholesale banking, private wealth, and securities, ensuring seamless operations.

Corporate Banking Transformation

Implemented Temenos T24 Transact, Analytics, and Channels on a SaaS model, integrating with the bank’s infrastructure.

Data Migration & Compliance

Migrated data from legacy systems and customized IFRS9 standard reporting.

Digital Retail Bank Launch

Based on corporate banking success, Tech Mahindra was selected to accelerate the launch of a niche digital retail bank, leveraging its FinTech ecosystem and expertise in core banking, digital, and payments.

Ongoing Support & Innovation

Provided post-production maintenance and support, ensuring stability, continuous transformation, and competitive differentiation.

Business and Community Impact

The transformation delivered significant results, both in terms of quality and efficiency:

  • Unified Banking Operations: Business processes were integrated on a common platform while retaining region-specific functionality, enhancing efficiency across corporate and retail banking.
  • Differentiated Offerings: The bank provided tailored financial products, improving customer engagement and market competitiveness.
  • Regulatory Compliance & Reporting: Automated IFRS9-compliant reporting and enhanced internal data management streamlined regulatory adherence.